Venezuela Last week, the U.S., European Union and Canada said they are “willing to review sanctions policies” against Venezuelan President Nicolas Maduro and his regime provided there are “substantive, credible advancements” in negotiations to restore the democratic process in the South American country

 

Venezuela Last week, the U.S., European Union and Canada said they are “willing to review sanctions policies” against Venezuelan President Nicolas Maduro and his regime provided there are “substantive, credible advancements” in negotiations to restore the democratic process in the South American country. “A time-bound and comprehensive negotiation process should restore the country’s institutions and allow for all Venezuelans to express themselves politically through credible, inclusive and transparent local, parliamentary, and presidential elections,” according to a joint statement released by the U.S. State Department on Friday, Bloomberg reported. The statement follows meetings between Juan Guaidó’s representatives and Washington officials on 23 June. Meetings were held with Biden administration personnel from the White House, the State Department, the Treasury, and several congress members. The statement was released by Secretary of State Antony J. Blinken, the EU High Representative for Foreign Affairs and Security Policy Josep Borrell, and Canadian Minister of Foreign Affairs Marc Garneau.         For Venezuela bonds, the de-jure and de-facto administrations disagree on how bondholders should look at prescriptions periods. On 28th September 2020, Venezuela’s opposition-designated attorney general, appointed by National Assembly President Juan Guaido, published a statement saying that it is the view of the Guaido team that the contractual prescription period has not begun to run in respect of an overdue amount of principal or interest payable under any of the bonds issued by the government. According to this statement, the 10 and 3 year periods set out in the prescription clause of most Venezuela, PDVSA and ELECAR bonds will not begin to run unless and until: the Fiscal Agent receives the full amount owed by the Republic and the holders have been notified of such event. The attorney general also indicated that the statutory limitation period of six years under the laws of New York still applies. This was preceded, however, by the launch on 15th September 2020 of the Maduro conditional offer and a subsequently imminent statement from Maduro’s finance minister Delcy Rodriguez who highlighted that with the third anniversary for the first missed bond payment in 2017 coming soon, prescription deadlines for interests would expire. Under the offer, bondholders would agree to renounce rights to litigate and in exchange prescriptions deadlines would be waived. http://www.mppef.gob.ve/comunicados-oficiales/ The Maduro conditional offer expired on 14th March 2021 and won’t be extended again, however the government said it will keep talking with Venezuela, PDVSA and Electricidad de Caracas bondholders in order to reach agreements under the same conditions as those with whom the Tolling Agreements are entered into. The proposed mechanism would require licenses from the US Treasury Department's Office of Foreign Assets Control, which administers sanctions.

 

Credit	Type / ISIN	Indicative price (%)*
Venezuela	VENZ 13 5/8 08/15/18	10	11
Venezuela	VENZ 9 ¼ 09/15/27	10	11
Venezuela	VENZ 7 3/4 10/13/19	9.5	10.5
Venezuela	VENZ 6 12/09/20	9.5	10.5
Venezuela	VENZ 12 3/4 08/23/22	10	11
Venezuela	VENZ 9 05/07/23	9.5	10.5
Venezuela	VENZ 8 1/4 10/13/24	9.5	10.5
Venezuela	VENZ 7.65 04/21/25	9.5	10.5
Venezuela	VENZ 11 3/4 10/21/26	10	11
Venezuela	VENZ 9 1/4 05/07/28	9.5	10.5
Venezuela	VENZ 11.95 08/05/31	10	11
Venezuela	VENZ 9 3/8 01/13/34	9.5	10.5
Venezuela	VENZ 7 03/31/38	9.5	10.5
Venezuela	ICSID Claims	Call desk for Prices
PDVSA	PDVSA 8 1/2 10/27/20	25	28
PDVSA	PDVSA 9 11/17/21	4.5	5.5
PDVSA	PDVSA 12 3/4 02/17/22	4.5	5.5
PDVSA	PDVSA 6 10/28/22	4.5	5.5
PDVSA	PDVSA 6 05/16/24	4.5	5.5
PDVSA	PDVSA 6 11/15/26	4.5	5.5
PDVSA	PDVSA 5 3/8 04/12/27	4.5	5.5
PDVSA	PDVSA 9 3/4 05/17/35	4.5	5.5
PDVSA	PDVSA 5 1/2 04/12/37	4.5	5.5
PDVSA	Promissory Notes	Call desk for Prices
PDVSA	Trade Receivables	Call desk for Prices

* Indicative price for positions with institutional size only. For smaller sizes please call desk

 

 

Argentina Argentina agreed to make a partial $430m payment to the Paris Club, out of a total debt of $2.4bn, which will allow it to avert default, Minister of the Economy Martin Guzman said at a press conference last week. Argentina agreed to make a partial $430m payment to the Paris Club, out of a total debt of $2.4bn, which will allow it to avert default, Minister of the Economy Martin Guzman said at a press conference last week. Argentina and a group of 16 creditor nations, plus 40 agencies that are part of the Paris Club, reached a “goodwill understanding” in which the Club will grant the South American country an eight-month waiver, to 31 March 2022 on a $2.4bn principal and interest payment that was due 31 May, Guzman stated.

 

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/8 07/09/30 35.9 36.8 Argentina ARGENT 8.28 12/31/33 47.1 56.5 Argentina ARGENT 7 1/8 06/28/17 40.7 44.6 Argentina ARGENT 3 3/4 12/31/38 38.3 47.7 Argentina ARGENT 5 7/8 01/11/28 39.3 49 Argentina ARGENT 1 07/09/29 38.1 38.6 Argentina ARGENT 3.38 12/31/38 38.5 43.7 Argentina ARGENT 7 1/2 04/22/26 45.5 49 Argentina ARGENT 6 7/8 04/22/21 47.9 49.5 Argentina ARGENT 7.82 12/31/33 42.6 49.5 Argentina ARGENT 5 5/8 01/26/22 42.2 48.5 Argentina ARGENT 0 1/8 07/09/35 31.7 32.9 Argentina ARGENT 6 7/8 01/26/27 42.1 45.9 Argentina ARGENT 6 7/8 01/11/48 42.1 47.1 Argentina ARGENT 0 1/8 07/09/41 35.9 36.4 Argentina ARGENT 0 1/8 01/09/38 37.5 38.4 Argentina ARGENT 0 1/8 07/09/46 32 33.1 Argentina ARGENT 4 5/8 01/11/23 42 51.3 Province of Buenos Aires BUENOS 7 7/8 06/15/27 43 46.7 Province of Buenos Aires BUENOS 9.95 06/09/21 44.2 45.9 Province of Buenos Aires BUENOS 6 1/2 02/15/23 42.7 47 Province of Buenos Aires BUENOS 4 05/15/35 36.1 36.2 Province of Buenos Aires BUENOS 9 5/8 04/18/28 46.3 50 YPF YPFDAR 8 1/2 07/28/25 78.4 79.9 YPF YPFDAR 8 3/4 04/04/24 88.4 90.6 YPF YPFDAR 6.95 07/21/27 70.8 73.8 YPF YPFDAR 7 12/15/47 64.3 66.9 YPF YPFDAR 8 1/2 06/27/29 71.8 77.1 YPF YPFDAR 8 1/2 03/23/21 99.1 100.1 Banco Macro BMAAR 6 3/4 11/04/26 82.9 85.3 * Indicative price for positions with institutional size only. For smaller sizes please call desk